tv Your Money CNN January 16, 2011 3:00pm-4:00pm EST
week all of the guests include howard stern, condoleezza rice, and george clooney. it kicks off tomorrow night at 9:00 p.m. eastern right here on cnn. piers morgan tonight. don't want to miss it. that will do it for us right now. join us again in the 4:00 eastern hour. we're bringing in an astrologer to help us understand what's behind this new change in the zodiac chart. what's it mean for your sign. plus in the 5:00 p.m. hour, a new nation might be born in sudan in africa. we're going to talk to sudanese americans about their hopes for their former country and also at 5:00 eastern time, how to land your dream job. "your $$$$$" is coming up next. americans don't need to agree on the issues. but we do need to change the way we talk to one another. welcome to "your $$$$$," i'm ali velshi. the tragic events in arizona caused leaders from both parties to look at how we debate issues in the country.
two issues we talk about often on this program, health care reform and immigration have been the focus of increasingly angry and sometimes violent political rhetoric. david gergen, senior analyst is with me. we are not connecting and have not connected the conversation that is go on out there in politics that create a bad climate to the shooting in arizona but you have expressed concern for quite some time before those shootings, over what you have termed a climate of hatred that's developed in our political discourse. what has you using those words as someone who has watched and been involved in politics for decades. >> there has clearly been a deterioration in discourse over the last 15 years. it didn't start under president obama, intensified under president george w. bush and now president obama. i think that regardless of what happened in tucson, he recognized before tucson we needed to cleanse it. let me go to what the president
did. i thought the speech was very good. he was even more successful than i first thought. now he has a high ground. i think there are three things i would recommend. first, that he continue to act as a role model of civility and moderation himself, just as he did in tucson. secondly, he has opened a conversation now about civility that many people clearly want to join. he can continue that conversation in his state of the union and in other forms, especially in the state of the union. thirdly, to begin a process, to institutionalize, the way the members of congress and the executive branch talk to each other, go to camp david together, they have something like they did at blair house toward the tail end of the health care debate. that was a wonderful set of hours at the blair house.
i think the more you institutionalize these things, the more you go beyond rhetoric to the way you act the more likely we are to be successful. >> interesting discussion. sometimes we save those things for crises, things impassable or foreign dignitaries with whom we're having difficult relations, why not congress and white house, the two parties. interesting take. arianna huffington, editor in chief of the huffington post. the economy, a top issue for voters for three years now, out of work millions of people, home values have collapsed, what role does that play in the pitch that our political tone has taken? >> ali, it does play a huge role. historically we've seen in times of economic crisis and deep economic anxiety we now have 27 million people either unemployed or underemployed. there is a sense generally in the country there may be another shoe to drop.
when that happens, when over 2 million families have lost their homes in foreclosure in the last two years and there's many, many more to come, there is that growing sense that people are not safe. there is that fear that comes. when people operate from fear, unfortunately, they operate not from the better angels of our nature but darker instincts. >> that's exactly what we've seen much of. mark skoda, founder of the memphis tea party. mark, shortly after the shooting in arizona, nobel prize winning paul krugman wrote this in "the new york times." citizens of other democracies may marvel at the american psyche, efforts by mildly liberal presidents to expand health coverage are met with cries of tyranny and talk of armed resistant. still that's what happens when a democrat occupies the white house and a market for anyone willing to stoke that anger. that is a commentary that has come under some criticism. it may have started the ball
rolling, the ball sarah palin ended up commenting on a few days ago. is paul krugman's characterization of the current political climate fair, in your opinion. >> no. absolutely not. first of all, krugman, i think, was inflammatory. if you look at the media narrative today, much of this is a backward look of the media debates and town halls in washington last year. today when you're seeing in the tea party is states organizing, montana, texas, missouri, mississippi, arkansas, tennessee, new jersey, new york. we're finding the whole effort, initially visceral, a visceral anger, unquestionably but it was turned into positive action. we saw the tsunami in november of republicans elected, both at the state and national level. i think today we see jamie radke, running for u.s. senator, she'll be running against webb. we've seen a number of people taking leadership roles. i think unfortunately this view
we have today is backward looking, not forward-looking. let's point out to mr. krugman during the fairness doctrine now being called for again by representative clyburn, we had the murder, assassination of president kennedy, martin luther king, of course, twice gerald ford was shot at. numerous events during quote, unquote, civility where enormous tragedies occurred. so i think his connection between what took place in tucson and the tea party movement was in my case reprehensible. >> i think the president in his speech made some efforts to try and disassociate those two things to say let's not talk about that lack of civility causing the shooting but let's take this opportunity, david, to focus on civility in politics. the president picked that up. let's listen to what he had to say specifically about civility. >> and if, as has been discussed
in recent days, their death helps usher in more civility in our public discourse, let us remember it's not because a simple lack of civility caused this tragedy, it did not, but rather because only a more civil and honest public discourse can help us face up to the challenges of our nation in a way that would make them proud. >> all right. very few people, david, very few people in this country, even people who were used to -- make a habit out of criticizing the president did not agree with those words. bottom line, though, next week the house republicans go back to renew their push to repeal health care reform. this was one of the most divisive issues the country had seen in decades. is this debate going to look any different as a result of our very grown-up discussion about civility? >> i think the debate next week is likely to be much more tempered than it otherwise would have been.
that will be a good thing. republicans in the house have a chance to show that they have heard what the voices of the people are saying. by the way, the voice of the people, a couple of polls made it clear, the majority of people do not believe the lack of civility caused tucson. that's a good thing. we can begin to unite around that. we can have more tempered debates. it's important to understand we do have honest disagreements in this country about the direction we ought to go and we should welcome that. we should welcome a robust debate. this is a rough-and-tumble country. it's in our dna. we're not going to all hold hands and sing kumbaya. that's not who we are as americans, nor should we. what we can do, go back to that hackneyed phrase, we can disagree without being disagreeable, disagree and seek common ground. the wonderful thing about the world war ii generation we
continue to celebrate, they were strong republicans and strong democrats but first and foremost they thought of themselves as strong americans. they put the country first. that's what's really important here and health care and these many other debates coming. >> everybody stay where you are. tough questions about our economy. they are going to continue but could the tea party take the lead in how we debate them. plus you keep hearing about the rise of china. we're going to show you exactly how you can capitalize on china. no matter what type investor you are, we'll show you specifically how to invest in china all that's coming up. [ female announcer ] applying lip balm over... [ record scratches ] ...and over [ record scratches ] probably isn't giving results you want. discover neosporin® lip health™. shown to restore visibly healthier lips in just 3 days. neosporin® lip health™. rethink your lip care.
since president obama took off, the focus has been on conservatives in the media that some people feel have gone too far inciting their audiences. david told us we have a habit in this country, not necessarily a bad habit about being contentious and battling them out in public. arianna huffington, from the
"huffington post" what's your take on that? should we retreat it our corners? or have vigor in our debates. >> i agree with david. this is not about eliminating passion from our debate. about eliminating demonizing our opponents, seeing those disagreeing with us, people to engage with for the sake of the country and shared agenda rather than people to demonize and see as enemies as people who don't love america or who want to take us down. these are two different ways to debate. jon stewart said that when he did that rally to restore insanity, talked about the media being the new system of democracy, need to do a better job on that. one more thing we all in the media need to focus on what is working in the country rather than what is not working. there is amazing things happening people coming together to build communities, helping in this tough economic times, using
social media to do that. howigotlaid off.com, wevegottimetohelp.org, all these things need to be celebrated by the media. >> good discussion. mark, you're a prominent leader in the tea party movement, someone who respects a good but civil discussion. a lot of people saw things happening around them on economic issues, what does the tea party need to do now, take an active role in toning things down, reforming how the debate takes place while maintaining passion on economic issues crucial to your base. >> it's interesting, ali, i'll tell you, i've seen it daily now. state groups are beginning to form. what i've observed, that passion, visceral reaction we had early on in tea party movement is beginning to
transition. social media has done that, state coalitions building. people focused on training. a number of conference calls this month alone on education, economy. right here in memphis, tennessee, we've got a major discussion going on between our memphis city schools and shelby county schools. education is critical. people got very animated, engaged in a core issue. what they learned was participating in politics is good for the community. very rapidly, i've observed this in texas, oklahoma, mississippi, tennessee, et cetera, very rapidly, they have moved towards this organizational structure out of self-interest, to provide power for the tea party movement but at the same time to involve problems in the local communities. we saw we just had our inauguration of our new governor in tennessee. a very peaceful process. still people had views antagonistic to some. but nonetheless you didn't see angry crowds but a reasoned
discussion. i would suggest that is what's beginning to evolve very quickly in the tea party movement as they begin take their roles in helping govern as oppose to being the option. >> david, one thing that's important in america, we do have the vote, judiciary, solid infrastructure in place. we all need to behave in a fashion that doesn't pretend we are somehow outside of the political operation, that we somehow have to protest and use violent terminology to do so. we're all in the system. >> that's right exactly right. the president talked about being one family. we have dysfunction and arguments but we are one family. want to go back to one thing that's important. the media does have a central role in this conversation. we ought to be looking for those instances when people are coming
together and changing. there's an enormous explosion of civic effort now among young people working in our schools and trying to do other things to improve the quality of life in this country. that ought to get more coverage. the tea party, as the tea party evolves, we've just heard into the constructive action, i think we've created stereotypes of the tea party and that deserves coverage as they evolve so we can help understand each other and see each other as three-dimensional figures. too often we present two-dimensional figures, how people can have good sides and bad sides. we ought to look' at the good sides too. >> thanks. it does help bring that conversation a little forward when we can show we have different positions on things but can have civil discussions about them. david, pleasure to see you, arianna, a pleasure as always. thank you. come back again. mark, you have been a good friend to our show as well. we'll continue with that great relationship. >> your greatest investment
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home headed this year? boy, that is an endless question. a forecast from an economist at freddie mac that projects home prices will hit rock bottom this spring and gradually begin to rise in 2012. christine romans is here, my friend, host of "your bottom line." give us a sense of it, where is the bottom line? >> from the 2006 peak, $230,000 for the value of a home, prices are down 26% by the end of last year. pretty ugly when you take an average look and look at individual states like sunbelt, nevada, difficult going for those people. we tried to take a look at the range of expectations is out there, ali. if you look at forecasts for home prices, you can see the highest expectations for a gain of about 5% next year of the value of your home, the worst out there is for a decline of 11%. ali, the same week we had freddie mac chief economist
saying you could see a bottom in the spring, morgan stanley said you could see prices fall. >> i want to ask you about this. can we bring that chart back a second, what you expect houses might go down by and might go up by. you know i'm on the same side of this argument. i think we probably have hit bottom. even if you hit, let's say the right side, a low that in some markets you do see, an average loss of 11%, the reality is we're still sub-5% on a 30-year mortgage if you have good credit. most people think interest rates will be going up. so if you're in the market to buy, even if house prices are going down, doesn't it still make sense for to you buy. >> this is an argument you've made many, many times. it makes an argument to buy, if you have money to buy, you're going to stay two to three years. you look further out you don't see an average estimate for home price appreciation more than a few percentage points all the way out. >> correct. >> if you're in the right position, 20% down and a job and
good school district, yes, it makes good sense to buy. >> don't be a speculator on this. >> no, absolutely. freddie mac, the economist gave that forecast at a home building conference. let's be honest a lot of people in home building industry and real estate industry that are cheerleaders for home prices. they would like to see things turn around. the reason why they say things will turn around and there will be a bottom, potential buyers are ready for many reasons you pointed out. 4.8% on fixed mortgage, positive economic indicators come back. even the feds own beige book this week pointed out that the economy is doing better, consumers are starting to buy across the country. >> look at that mortgage, 4.78, that's way up from where it was a few months ago. that's the crazy part. >> people don't have the confidence. that's the thing. how do you measure confidence? i can't give you numbers how to measure confidence. that's what's going to come back before buyers are ready to step back into the fray.
>> jobs are often the best way to instill confidence. you see people around you working, you get a little raise, that's the best way to get people feeling good. >> when we talk about hitting bottom, they called for a loam bottom last year. almost everyone called for a bottom. once you get to the bottom you have a long way to go before anybody is feels better. >> christine romans, host of your bottom line. china gets away with manipulating their currency and stealing all our jobs. those aren't my words, strong words from the donald. is he right? first, even with flavors like candy cane and gingerbread, winter is not a season when most people think about ice cream. i forget about it entirely. how one ice cream shop outside of washington, d.c. makes it through the winter months with a profit. >> i want pumpkin -- >> ice cream is not the first thing on your mind when you're cold.
kids want ice cream regardless of the temperature. parents not so much. >> the season starts the first sort of warmish day in march and immediately the next day after labor day business is cut in half. there are two distinct pieces of my business, the ice cream shop where the neighborhood comes. >> that is great. >> this one or this one? >> then this side of the business where we sell to markets and restaurants and hotels and clubs. the past, i would say year and a half has been about really focusing on that wholesale side of things, because if i don't do that, i have to lay people off. >> it's a local business, helping the economy. hopefully it's going to make people happy. >> it's ice cream.
the challenge is, first of all, believe it or not, not everybody eats ice cream. hard to believe, but believe it or not it's true. the other piece is we need to have people come in when it's cold. >> in the wintertime, year-round, we offer hot beverages, coffee, hot chocolate. we push different ideas for mixes ice cream with coffee and hot chocolate. >> with the economy, i'm not going to lie, it's been extremely difficult. it's not just about seasonality, which is difficult in and of its own, even within your season people are looking very carefully at what they are spending. >> we use things like groupon to offer our services at a discount. it's mostly a matter of reaching out to the community and reminding them we're here. when it gets cold, ice cream is not the first thing in your mind.
more than 8 million jobs lost in the recession. more than 15 million americans actively unemployed right now. where have all the jobs gone? many of them to china is what some people say. the big debate is whether or not these jobs can come back to the u.s. if so, does it depend on policy and diplomacy with china or something else entirely? you're going to hear a lot more about this when chinese president hu jintao visits washington. zachery, an author of super fusion, how china and america became one economy and why the world's prosperity depends on it.
zach, welcome. you say these jobs we've lost to china are gone for good. if so, why is china so vital to the u.s. economy? >> first of all, a lot of these jobs, ali, have been going away from the united states for 40 years. before china was mexico, before mexico, japan and taiwan. while it's certainly true that the manufacturing base in the united states has changed dramatically since 1970, you can't really pin that on china as much as people do, in fact, pin that on china. the flip side, which we don't see as much but vital to the health of the american economy, china has become a major source of growth for u.s. companies of that's not just because they put factories in china that used to be in the united states, it's because they put factories in china to sell to chinese consumers, some of which need to be supported by workers in the united states. one of the best examples of that is a company like caterpillar seeing huge demand for earth moving or construction equipment
in china and as a result keeps workers employed in illinois or factories in mississippi in order to supply parts to those earth movers being sold in china. >> interesting way to look at it. ed henry our senior white house correspondent. a very busy week with this visit. we're starting to hear different rhetoric coming from the administration on china. let's listen to what secretary geithner said last week. >> even as we work to encourage further reforms in china, we they'd to understand our strength as a nation will be made not on the choice of chinese leaders but choices we make here at home. >> ed, we're not on the same footing as china is. the reality is, this is something americans have difficulty understanding. we're not. you have covered these types of bilateral meetings in the past what can president obama reasonably expect from this trip by president hu jintao? >> frankly, i don't think very much. i think all they are trying to
get out of this visit is to show there's some warm relations between these two countries that has warmed up in the last few years and these leaders in particular are developing a rapport. this the eighth face-to-face meetings between hu jintao and president obama, because they have met at so many g-20 summits and the like. there are cases they are building a rapport to work through some of these difficult issues. lot a people in congress, around the country looking at the trade gap wonder how much talk can you do before you need real tough action against china. i think watch for some pr moves by president hu on this trip. he'll be in chicago in addition to washington. he's going to go to an auto parts facility to show, look, this is an auto parts facility in america that china has invested in, so he's going to
try to make the case that's bringing in a new american job. as you noted, it is a very skeptical public right now in the face of this economic crisis. >> that will be an interesting visit. he's right. it is a chinese auto plant that is invested in by the chinese that does create jobs. you said something that i wasn't necessarily going to bring up. because i brought it up, let's bring my favorite economic nerd into the discussion, christine romans, she knew who it was before i said it. ed talked about the trade gap, the trade deficit, the difference between what we sell to china and what they sell to us. i think everybody now knows without looking at the numbers that china sells us a lot more than we sell them. are we using china as a scapegoat for our economic problems and how would things be different here if we had more balance in trade? if we sold china more in trade and they bought more from us. >> hillary clinton gave a seminal speech about
u.s.-chinese relations. there's an idea if it's going to be china's century it can't be our century. we're entangled. she used a metaphor, an old chinese saying, two people in a row boat have to row in the same direction, otherwise you go in the same direction and you swamp the boats around you. that's exactly where we are right here. she's being careful to say we can't scapegoat the chinese for our domestic issues and our job loss. at the same time she also noted a rise of nationalism in china because the chinese feel like we are trying to contain their growth, that we are somehow jealous or we don't want china -- we see china as a threat not an opportunity. >> right. >> so there's an important relationship here that has to be very carefully guarded and sheparded forward even as our very serious concerns china is planning our economy slowly and surely, has for a long time scouring for national interest, scouring the globe for national resources, may be competing with the united states on different levels. a test flight of a stealth jet
fighter, something defense hawks are concerned about. in a lot of different areas where there are people concerned about the rise of china, which, of course, has happened with american dollars. >> you have 8 to 10% growth, by the way, you have to contain that. that becomes unwieldy. you make a point that goes back to zach's point. it's in the title of your book, zach. you see them as one economy. is that the right way to see this? put this into perspective for our viewer out here who doesn't run a multinational company but may be able to invest and train in a way china's growth can benefit them. is it one economy? >> this is a lot of emotion. you talk about china is not to blame for dislocations in the u.s. economy, that can create a lot of anger because people feel like you're therefore denying there are problems in the u.s. economy, and there are, which is why geithner's point is so vital about what america chooses and the path we take more than it is
about what china does or doesn't do. to the point how these things are fused, think of the ubiquitous iphone or those products, when things are made in china and show up, they show up with a trade deficit with china. it looks like they are selling us a lot of stuff and money is leaving the u.s. if you break down the components and who is profiting from that, a lot of the money that's being made by those sales is not being made by chinese factories it's being made by apple or stores that are staffed obviously by americans and cities throughout the country who are selling those products. so our trade figures create an extremely simplistic and rather zero some view of the world when the actual chain of goods and who buys and who benefits is much more complicated and in a lot of ways benefits us more than our figures suggest they do. >> good discussion. thanks for being here, zach.
great to talk bow. the president of river twice research and the author of "super fusion, how china and america became one economy." ed, good to see you. we'll be talking all week. christina, good to see you. stick around. i want to talk to you about something else. would you place a bet on china? chances are you already have without knowing it. i'll tell you what i mean by that when we come back. [ rattling ] [ male announcer ] need ink? this week at staples, spend $40 on ink and get a $10 visa prepaid card via easy rebate. that was easy. metamucil uses super hard working psyllium fiber, which gels to remove unsexy waste and reduce cholesterol. taking psyllium fiber won't make you a model but you should feel a little more super. metamucil. down with cholesterol.
>> as much of the developed world struggles to climb out of recession, china is set to see 8% to 10% economic growth this year. how do you get a piece of that action? we have manager of a private equity fund, great friend of ours and mine, gym, you know you've been following growth in the rest of the world for a long time. some people think after the double digit growth we've already seen in china, can it still be a good investment for my viewers, people watching this show? >> yes. in a long-term sense there's a huge transfer of economic activity and wealth going from the developed world to the developing world driven by china.
they have money. they have a growing middle class. they have reserves. they will be buying more computers, toothpaste, food, more technology, more laptops. yes, while there can be short-term volatility, it is a great long-term structural growth story. >> for viewers of mine who have 401(k)s is likely they already have exposure to china through the major corporations they are invested in? >> yes. if you're invested in any mutual fund that buys the s&p, the largest companies in america, if you read their annual reports and their releases are getting most of their earnings, if not earnings growth, from the emerging markets. so you are participating. there's certain things u.s. companies do better than anybody else and the chinese are buying their products. you're getting some participation that way. >> all right. let's talk about ways you can perhaps more specifically invest in the region. remember, while all that growth is taking place in china, the
rest of asia without china is also strong, partly because of their connection to it. you recommend a fund that one can answer own in their i.r.a. that would make money from china's growth. let's take a look at this chart. if you put $10,000 in, the lazard emerging markets equity portfolio, you put in $10,000 last year, you'd now have more than $12,000. the neat one about this one you don't have to invest too much. investors with a little bit to expose can do that. >> yes, what i also like about the fund, it's conservative, a good long-term record, exposed to china. more importantly, as you said, it's exposed to all of asia, which is its own economic ecosystem developing not only because of china but each of those countries are growing very strongly also. it also has exposure to the next most important area, which is latin america. it is a good relatively conservative, not unvolatile, because it can have volatility, but a good conservative way to invest.
by the way, this fund is so popular, from time to time they shut down to new investors. they will steer you to a sister fund. don't get discouraged if they tell you you've got to buy a clone fund almost exactly like that. >> jim, something that's become popular in recent years, an idea of index funds or exchange traded funds that allow you to trade as if it's a stock in a basket of companies. this might be one instance, china might be one instance where it's worth using a fund that has an active manager as opposed to one that's just an index. >> yes, because you want to be exposed to different geographies. you want to have a manager that will take money in and out of different geographies, in and out of different industries, in and out of different countries. this is a place where research, asset allocation, it's worth it to get that. >> jim, what a pleasure to see you again. come on my show more often. managing director at zephyr management, good friend of ours. everybody has a price. now you can name yours to be
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time to take a closer look at some of the week's business headlines. christine romans is back and joining us as is guy with the second best haircut on cnn, pete dominick. with all of the weather this week i've been on several flights as i am every week and they've all been packed. i love this story. delta has introduced an online auction system for getting bumped. it's like a dutch option. when you check in you can now enter the amount of money that you would accept as a voucher for future travel for giving up your seat on an oversold flight. >> name your price, baby. >> you don't have to wait until you get to the airport. you can do this from home. sometimes the offer is pretty good. i don't have to be on that flight. >> on delta blog they use the example. save $200. i get the sneaking suspicion they wouldn't do this if it wouldn't make them money. >> i would willingly wait for a later flight. i don't have to be anywhere. if someone gave me $400 and i
didn't have to get out of my house opposed to waiting at the airport -- >> i know you travel a lot. i hate that you love this idea so much. you don't? >> no. i will tell you why. absolutely go for it, put in $900 as the bid. that's when it financially makes sense because you don't have any negotiating power to get a new hotel room and now you are delayedthe next flight. you have no transparency for the next flight. >> what about you, pete? do you like it? don't like it? >> no. first of all, if there's so much demand, why not stand in the aisle. now the people in the aisle can pass it back to you. i can just see some speculator, kid at goldman sachs wrapping them up, bundling them up and sell them to some poor sap. if somebody's going to be
auctioning these off -- usually if you win an auction on ebay, you brag about it. i won an auction. what did you win? the middle seat in the back row next to my in-laws. >> it's fantastic you two don't like it so i'll have fewer bids against me. beginning this month sam's club was throwing in household necessities. they could throw in a health service plan. you get an annual prichgs to a web-based program that includes at-home screening tests for things like cholesterol and blug sugar which are indicators of some of the most expensive diseases. you get 24-hour access to a nurse line, recommended prevention screening and a prescription summary you can show to your doctor. do you like this one? >> full discloser. i'm a member of sam's club. if they with really want to help
the customers, maybe they should. drum a ketchup that probably has more high fructose corn syrup than a bottle of high fructose corn syrup. if you call a nurse, see a doctor. i don't have health insurance. here's a coupon for the spring fresh laundry detergent that probably gave you the rash in the first place. it's a poor excuse for a replacement for actual health insurance. >> what about you christine? do you like this idea? >> full disclosure, i once stocked shelves at a sam's club. there you go. access to a doctor is something that's critical. we keep talking about prevention and preventive care, it might be worth it for someone who can follow up on a web-based plan. my understanding is people don't access the web or the web-based tools and maybe -- i don't know. maybe -- i don't know.
$99 a year if you don't have much money is a lot of money. >> i was a personal trainer for a long time. i know a little bit about health and business. i'll tell you what. eat real food. they do sell real food. you're buying an orange tree for your family of 12. i mean you save money, but most of the food they're selling was made in a factory somewhere. >> i don't go to those stories because i don't have enough space and can't go through i enough. have you ever lied to your spouse about money? christine, i don't think she's ever lied to anyone about anything in their life. a recent poll shows 31% say they have lied to their spouse about money. 30% say they have been dereceived about finances. 60% say it's led to an argument. 42% say it's caused trust issues and 16% got divorced because of it. is it cheating if you lie about how much you spend, pete, and are you guilty of it? >> yes, yes, it is cheating.
i am guilty. we have quite a bit of trust built up but that's only because she's a hawk. i tell you, in my relationship, it's like she's my mommy. i've been driving the same car for 12 years and now i've got a little success. i'm on tv. last summer i got recognized. they said, hi, are you on cnn. yeah, hey. hi, ali velshi. why doesn't your car have air conditioning? >> i'm doing a special. >> i'm heiress to the trust fund but please don't tell my husband because i want him to think we live frugal. >> at this point i'd like to propose to christine. >> you deal with that. we'll go take a commercial break. hey, listen. is it a threat or rebounding. why u.s. automakers are eager to turn america's stiffest competition into an ally after
>> boy: go down, down, down. down. straight. go straight. no, to the right. to the right. >> go to the right, go to the right. >> whoa! >> whoa! >> what is that? >> man: well, that's a, uh... i don't know. >> whoa. >> can we call him blinky? >> woman: expert teaching. deeper learning. together, we are the human network. cisco. >> woman: good night, gluttony-- a farewell long awaited. good night, stuffy. >> ( yawning ) >> good night, outdated. >> ( click ) >> good night, old luxury and all of your wares. good night, bygones everywhere. >> ( engine revs ) >> good morning, illumination. good morning, innovation. good morning, unequaled inspiration. >> ( heartbeats )
time for the xyz. this week coming up -- chinese president hu jintao comes to washington on an official state visits. he eat meet with president obama at the white house. no doubt the discussion will center around tough issues surrounding our country, like trade deficits and exchange rates. a commonly held view here in the united states that china's spectacular economic growth in recent decades has come at the expense of america's growth. china's lower manufacturing costs have given it a competitive edge, giving us cheaper priced goods for americans to buy, but a generation of u.s. factory workers have lost out in the process. now, there is a flip side to the
china story that is starting to emerge, especially now. china's growth is fueling a growing middle class in that country that will be just as eager to spend on goods and services to better their lives the way americans did. and u.s. companies are taking notice. including u.s. automakers. general motors, the same company that got a bailout almost two years ago, sold 2.4 million vehicles in china last year. that's 200,000 more vehicles than they sold in the united states. and china's appetite for cars is only expected to grow. ford increased its auto sales in china by 40% in the same period. now, most of those cars were manufactured in china for china's domestic market, but the fact once troubled automakers can have a go in china and succeed was unthinkable a few years ago. stronger growth abroad should give those automakers and other companies doing business in china, should put them on more solid ground here at home. so the issues that divide the u.s. and china are real, but i